Loopring
$0.41842 3.16%
LRC · 172w

A Loopring Clone?

Blockchain startup Circle has unveiled new software aimed at connecting the world's digital wallets.

Known as 'CENTRE', the project seeks to create a way for digital wallets (like Venmo, Alipay or the startup's own Circle Pay) to communicate with one another. Put more simply, CENTRE as envisioned would let the companies behind those apps to transmit and settle funds between them.

At its heart, the project targets the so-called "walled garden" issue, wherein different platforms – whether they be a social media site like Facebook or a payments app like Venmo – exist largely within their own ecosystems. Circle is aiming to build a bridge between them, betting that it would make for a more inclusive consumer payments environment.

Circle released today a new white paper outlining the specifications and intended use for CENTRE, which notes that the project has grown since being established as an internal method for transacting in both cryptocurrencies and fiat currencies in digital form. Notably, the startup is planning to develop a new implementation of CENTRE on top of the ethereum network, complete with its own ERC-20 token, the CENT.

CENTRE makes further use of the token standard, however, as node operators – whether they be an app operator, a bank or another financial institution – could issue their own ERC-20 tokens tied to a particular fiat currency to send between other parties on the CENTRE network.

Transactions between nodes would be settled through smart contracts, or self-executing pieces of code that trigger when certain conditions are met. That the startup would move in this direction is perhaps unsurprising – last December, Circle revealed its work on "Spark", a smart contract platform it uses to settle transactions.

CENT, according to the paper, is meant to act as a common medium of exchange between apps that originally use entirely incompatible currencies. This means that while nod...

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